Investors Purchase High Volume of Clear Channel Outdoor Call Options (NYSE:CCO)

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) was the target of unusually large options trading on Wednesday. Stock traders acquired 9,438 call options on the stock. This represents an increase of approximately 1,765% compared to the typical volume of 506 call options.

Institutional investors have recently bought and sold shares of the business. Cambridge Investment Research Advisors Inc. boosted its stake in shares of Clear Channel Outdoor by 44.0% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 14,400 shares of the business services provider’s stock worth $26,000 after buying an additional 4,400 shares during the last quarter. Kestra Advisory Services LLC purchased a new position in shares of Clear Channel Outdoor in the 4th quarter worth $32,000. Capula Management Ltd purchased a new position in shares of Clear Channel Outdoor in the 1st quarter worth $33,000. Centiva Capital LP boosted its stake in shares of Clear Channel Outdoor by 32.1% in the 1st quarter. Centiva Capital LP now owns 22,515 shares of the business services provider’s stock worth $41,000 after buying an additional 5,468 shares during the last quarter. Finally, Close Asset Management Ltd purchased a new position in Clear Channel Outdoor during the first quarter valued at $52,000. 94.82% of the stock is owned by institutional investors and hedge funds.

CCO stock opened at $2.70 on Friday. Clear Channel Outdoor has a twelve month low of $0.86 and a twelve month high of $3.05. The company has a market cap of $1.27 billion, a price-to-earnings ratio of -1.97 and a beta of 2.63. The company’s 50 day moving average is $2.28.

Clear Channel Outdoor (NYSE:CCO) last posted its earnings results on Sunday, May 9th. The business services provider reported ($0.60) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.35) by ($0.25). The business had revenue of $370.91 million during the quarter, compared to analyst estimates of $367.85 million. Research analysts predict that Clear Channel Outdoor will post -0.73 EPS for the current year.

CCO has been the subject of several research analyst reports. BMO Capital Markets reiterated a “market perform” rating on shares of Clear Channel Outdoor in a report on Monday, May 17th. Morgan Stanley increased their price objective on Clear Channel Outdoor from $1.50 to $2.50 and gave the stock an “equal weight” rating in a report on Friday, April 30th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell increased their price objective on Clear Channel Outdoor from $2.20 to $2.50 and gave the stock a “neutral” rating in a report on Thursday. Citigroup increased their target price on Clear Channel Outdoor from $2.20 to $2.50 and gave the stock a “neutral” rating in a research report on Thursday. Finally, Zacks Investment Research lowered Clear Channel Outdoor from a “buy” rating to a “hold” rating in a research report on Tuesday, May 11th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $4.46.

Clear Channel Outdoor Company Profile

Clear Channel Outdoor Holdings, Inc owns, operates, and sells advertising displays in the United States and internationally. It operates through two segments, Americas and Europe. The company offers advertising services through billboards, including bulletins and posters; transit displays, which are advertising surfaces on various types of vehicles or within transit systems; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, freestanding units, and other public structures; spectaculars, which are customized display structures that incorporate videos, multidimensional lettering and figures, mechanical devices and moving parts, and other embellishments; wallscape, a display that drapes over or is suspended from the sides of buildings or other structures; and retail and other small displays.

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